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The Ultimate - Indian Head Double Eagle

By Dr. Mike Fuljenz

That’s the goal we mortals strive to attain in myriad fields of endeavor. To climb the highest mountain … run the fastest race … pitch a perfect game … draw a royal flush – these are the kinds of accomplishments few of us ever achieve but most of us aspire to, every now and then, if only in dreams and fantasies.

In the world of collectible coins, there are dozens of superstars – gold pieces, silver dollars and even nickels and cents – that command small fortunes (and sometimes very large ones) because of their great rarity, exceptional condition, unusual historical importance and often combinations of these attributes. But many numismatists agree that one stands alone as the brightest star of all – the single most desirable prize in the realm of coins. In short, the ultimate.

That stunning supernova is the 1907 Indian Head double eagle, the rarest, most majestic example of the dazzling gold coinage designed by famed sculptor Augustus Saint-Gaudens. This coin – a unique proof pattern struck in extremely high relief – is the only example that shows the artist’s work exactly the way he meant it to appear. Intriguingly, it’s a composite of the two coins Uncle Sam issued bearing the artist’s designs: the beautiful Indian Head eagle, or $10 gold piece, and the elegant Striding Liberty double eagle, or $20 gold piece.

Patterns have been described as “might-have-been” coins. Generally speaking, a pattern is a coin struck by a government mint to demonstrate something new – a new design or inscription or perhaps a new denomination – and typically, though not always, struck in the same metal intended for use on regular coins of that type. Patterns carry a statement of value, but are not legal tender because they were never monetized.

President Theodore Roosevelt ushered in what is now regarded as the renaissance of American coinage art.

For many years, the Indian Head double eagle was known in numismatic circles as “J-1776” because that was the shorthand designation assigned to it by Dr. J. Hewitt Judd in his standard reference book United States Pattern Coins, Experimental and Trial Pieces. The name became part of the coin’s iconic status because of the coincidental association of its number, 1776, with the year of the nation’s birth. But after acquiring rights to the book about a decade ago, Whitman Publishing changed the designation to J-1905 in order to make room for new discoveries, since listings are shown in chronological order. The change dismays some purists, who see it as disrespectful of the coin’s special status as one of the crowning jewels of U.S. coinage. But eminent numismatist Q. David Bowers, editor of the book, says he heard no such objections when the numbering was changed in 2003. According to Bowers, 20th-century patterns had to be renumbered to permit insertion of the many 19th-century pattern varieties identified since the last previous printing.

The Indian Head double eagle is the same size and weight as the $20 gold piece first issued by the U.S. Mint in 1907, and its reverse design is virtually the same as that of the coin made for commerce – a breathtaking eagle in flight inspired by the reverse of the Flying Eagle cent. But instead of the striding full-length likeness of Miss Liberty that graces the issued double eagle, the obverse of the pattern shows a close-up of Liberty’s left-facing head wearing an Indian war bonnet – essentially the same portrait used on the regular $10 gold piece when it was introduced in 1907. On the pattern, as on the issued double eagle, the Latin motto E PLURIBUS UNUM is inscribed on the edge, with stars between the letters.

There are smaller distinctions, too – and if anything, these enhance the pattern’s appeal. Most strikingly, Saint-Gaudens placed the large inscription LIBERTY below the Indian Head, at the base of the obverse, and put the Roman numerals date on the reverse, engraved on the sun at the base of that side. On the issued double eagle, LIBERTY appears along the upper obverse rim, above the Striding Liberty. The date is located to Miss Liberty’s lower right. It’s shown in Roman numerals on the first coins made for commerce, which were struck in high relief; later in the year, the relief was permanently reduced and the date was converted to Arabic numbers. In yet another departure, the artist arranged 13 stars symbolizing the 13 original colonies along the upper obverse rim. On the final $20, there are 46 small stars around virtually the entire obverse rim, reflecting the number of states in the Union at the time. The version with 13 stars did end up being used in the same obverse location – not on the $20, but on the $10.

William Sturgis Bigelow was a collector of Japanese and American art and a close friend of President Roosevelt's. He introduced the president to the artist Saint-Gaudens.

Ed Reiter, former Numismatics columnist for The New York Times, finds these departures aesthetically highly pleasing.

“Few would argue that Saint-Gaudens’ two gold pieces rank among our nation’s most beautiful coins,” Reiter said. “But this radiant pattern blends the best elements of both of his regular-issue coins so masterfully that it outshines even these great works of numismatic art.”

If it were offered for sale today, the Indian Head double eagle could command $20 million or more, market insiders say. As it is, there are reliable reports that a serious buyer already has offered $15 million – and been rejected by the current owner, a dedicated collector who specializes in coins and medallic works by Saint-Gaudens. That’s nearly twice the auction record for a single U.S. coin: the $7.59 million paid in July 2002 for a 1933 Saint-Gaudens double eagle once owned by Egypt’s King Farouk. That record has stood for more than a decade, but it would almost certainly fade to a distant second if the ultimate U.S. coin became available.

Augustus Saint-Gaudens, at the personal invitation of the president, designed a much-admires inaugural medal for Roosevelt's second term.

This ultimate coin could be transformed overnight into something even more special: The face of American numismatics. For generations to come, its design could be the image Americans associate with rarity and value in U.S. coinage. Unquestionably, its price would be so sensational that news of its sale would be featured on front pages of newspapers big and small across the country … given prominent play on network newscasts … and trumpeted by large black headlines on all the major Internet Web sites. In the process, millions of Americans who never collected coins would gain healthy new respect for the hobby as a whole and particular admiration for the coin – this coin – that made them sit up and take notice that acquiring such collectibles is far more than just a penny-ante pursuit.

Augustus Saint-Gaudens, at the personal invitation of the president, designed a much-admires inaugural medal for Roosevelt's second term.

***

Why is this potential “face of numismatics” so little known today, not only among Americans at large but even among collectors? The answer can be found in an old, familiar adage: “Out of sight, out of mind.” The coin has been on the sidelines so long, closely held in a private collection whose owner has chosen not to sell or even display it, that it hasn’t received nearly as much publicity as lesser rare coins that have come up for sale in the last quarter-century, in some cases multiple times.

The last time it changed hands at public auction, the coin brought $475,000 at the official convention auction of the American Numismatic Association in 1981 – then an auction record for any coin struck by the U.S. Mint. Three years later, its last known owner – a group of partners headed by Jack Hancock and Bob Harwell of Atlanta – consigned it to Auction ’84, but bought it back for $467,500 when bidding failed to meet their reserve. Shortly thereafter, the partnership sold it by private treaty to a buyer identified only as “a major Northeastern collector” for what was described as a “mid-six-figure price.” The buyer reportedly is a former executive in the high-tech industry who has spent decades assembling an unparalleled collection of coins and other artwork by Saint-Gaudens, including numerous examples of the Ultra High Relief 1907 double eagle.

Since then, the market value of other major rarities has risen sharply from mid-1980s levels, breaking the million-dollar barrier in 1996 and topping that figure repeatedly during the intervening years. In the meantime, the ultimate rarity – the Indian Head double eagle – has remained, so to speak, in a pit stop as other coins have left it far behind in the race for recognition as the world’s most valuable coin. But if and when it comes on the market, it will almost certainly zoom to the head of the pack.

What qualifies this coin to be the face of numismatics?

For one thing, its own face is a thing of singular beauty. Its “Indian Head” portrait – so compelling on the $10 coin – is even more riveting in enlarged form on the $20. And the eagle on the reverse remains as magnificent as ever, underscoring again why Saint-Gaudens’ double eagle has long been regarded as the loveliest work of coinage art the U.S. Mint ever issued. The coin’s flawless appearance is equally phenomenal; the Judd pattern book describes it as a “Gem Proof.” Furthermore, the pattern is unique – the only coin of its kind struck in the adopted coinage metal – and thus has the rarest sort of rarity. (The American Numismatic Society owns an impression in lead, which is technically not a pattern but a trial strike. That piece is listed as J-1906 in the Judd book’s current edition, and previously was listed as J-1777, to denote that it’s viewed differently from the gold pattern.)

Beyond these extraordinary attributes, the Indian Head double eagle also can lay claim to being the most glorious achievement of the greatest collaboration in U.S. coinage history: the pairing of Saint-Gaudens, the pre-eminent sculptor-medalist of his day, with President Theodore Roosevelt, the dynamic chief executive who ushered in what is now regarded as the renaissance of American coinage art.

Roosevelt’s restless nature drove him to immerse himself in just about every facet of America’s national life – including the coins people spent. He considered U.S. coinage at the turn of the 20th century to be sterile, dull and totally unworthy of a nation then emerging as a player of growing significance on the stage of world affairs. He admired Saint-Gaudens’ work and deemed the peerless artist especially well suited to carry out his vision of new U.S. coinage inspired by the high-relief portraiture on the glorious coins of ancient Greece. This view was reinforced when Saint-Gaudens, at the president’s personal invitation, designed a much-admired inaugural medal for Roosevelt’s second term.

***

Even before the inaugural medal was done, Roosevelt evidently had resolved to seek Saint-Gaudens’ involvement in totally redesigning U.S. coinage. In a note to Treasury Secretary Leslie Mortier Shaw dated Dec. 27, 1904, the president wrote as follows:

Roosevelt's was set on Saint-Gaudens' involvement in totally redesigning U.S. coinage even before the inaugural medal was done.

“I think our coinage is artistically of hideous atrociousness. Would it be possible, without asking permission of Congress, to employ a man like Saint-Gaudens to give us a coinage that would have some beauty?”

Characteristically, “TR” found ways not only to circumvent Congress but also to overcome Saint-Gaudens’ misgivings about working with the Mint’s engraving staff – particularly Chief Sculptor-Engraver Charles Barber, with whom he had clashed bitterly in the early 1890s regarding the design of a medal for the World’s Columbian Exposition. This time, Roosevelt assured him, he would have a protector in the White House as they plotted what the president called his “pet crime.”

Although both men envisioned a complete makeover of all U.S. coinage, only five coins – the four gold pieces and the cent – were eligible for replacement at the outset. An 1890 law required congressional approval to change any coin’s design before it had been issued for at least 25 years – and under this law, Roosevelt told the artist, the nickel couldn’t be changed until 1908 and the half dollar, quarter and dime until 1917 (although, as things turned out, new silver coins actually debuted in 1916). Mintage of silver dollars was suspended at the time. “I suppose the gold coins are really the most important,” the president wrote. “Could you make designs for these?”

As he had feared, Saint-Gaudens encountered resistance almost from the outset from Chief Engraver Barber. The high relief desired by President Roosevelt required deep cutting of the dies, and Barber insisted that this was beyond the Mint’s capability. What’s more, he said, coins with such relief would need multiple blows, and this would be expensive and impractical.

Roosevelt was prepared for such objections. Anticipating Barber’s obstruction, he contacted Tiffany and Gorham, two nationally known New York City jewelers and silversmiths, to see whether their houses “could without difficulty at a single stroke make a cut as deep as this.” Both assured him they could do so. He then fired off a letter on Sept. 11, 2006 to Treasury Secretary Shaw stating, in part: “Mr. Barber must at once get into communication with Tiffany and Gorham, unless he is prepared to make such a deep impression without such consultation. Will you find out from him how long it will take, when the full casts of the coins are furnished you by Saint-Gaudens, to get out the first of the new coins – that is, the twenty-dollar gold piece, which is the one I have most at heart?”

Saint-Gaudens had been battling cancer for years, and his health was deteriorating steadily as he started work on the coin designs. Nonetheless, he plunged into the project with all the strength he could muster. Initially it was expected that the double eagle and eagle would carry identical designs. By early 1907, the artist had prepared models that featured the Striding Liberty and Flying Eagle designs that ended up appearing on the $20 coin. But in contemplating possible designs for a new cent, he had come up with the Indian Head design showing Liberty adorned with a feathered headdress – and though the headdress had been Roosevelt’s idea, the artist had come to believe that this, not the Striding Liberty, would make a better obverse for both gold coins.

He conveyed this to the president in a letter dated March 12, 1907, in which he wrote: “I like so much the head with the headdress (and by the way, I am very glad you suggested doing the head in that manner) that I should very much like to see it tried not only on the one cent piece but also on the twenty-dollar gold piece, instead of the figure of Liberty. I would like to have the mint make a die of the head for the gold coin also, and then a choice can be made between the two when completed. The only change necessary in the event of this being carried out will be the changing of the date from the Liberty side to the Eagle side of the coin.”

Roosevelt instructed the Mint to strike a $20 gold piece using this combination, and it did so in March 1907. Just one such specimen is thought to have been struck – the coin now revered as the Indian Head double eagle pattern. After Roosevelt decided to proceed instead with the Striding Liberty obverse, the Mint – at the president’s direction – struck about 20 gold double eagles in similar extremely high or “ultra high” relief bearing the adopted design. These were used as presentation pieces and are highly coveted today, often commanding seven-figure prices.

After seeing the Indian Head pattern, Saint-Gaudens pressed for weeks for adoption of this design on the regular $20 coinage, but then he had a change of heart and said the Striding Liberty was better after all. By then, Roosevelt was wearying of the delays caused by Saint-Gaudens’ illness, and the artist’s uncertainty triggered a snap decision. On May 25, in an effort to satisfy himself and also mollify Saint-Gaudens, the president notified Mint Director George Roberts “… that the designs for the Double Eagle shall be the full figure of Liberty and the flying eagle, and the design for the Eagle shall be the feather head of liberty with the standing eagle.”

Roosevelt's restless nature and dynamic personality drove him to immerse himself in most areas of America's national life.

“It is now settled,” the exasperated president declared.

The “standing eagle” cited in Roosevelt’s directive was one of two alternative designs created by Saint-Gaudens for possible use on the double eagle. Its depiction of an eagle in repose has won high acclaim for artistic merit – lending irony to the fact that it was a bit of an afterthought at the time the president chose it. In July 1907, Mint Director Roberts suggested replicating the $10 coin’s design on the two smallest gold coins, the half eagle and quarter eagle ($5 and $2½ gold pieces). It was assumed that these would also be fashioned by Saint-Gaudens – but the great artist died on Aug. 3, not quite living long enough to see his exquisite eagle and double eagle released into circulation.

The spirit of Saint-Gaudens did infuse the smaller coins, which debuted in 1908 – for Bela Lyon Pratt, the artist Roosevelt chose to design them, adapted the “standing eagle” for the coins’ common reverse. Pratt had been one of Saint-Gaudens’ students and in “borrowing” the master’s artwork, he seems to have been paying homage to his mentor, as well as carrying out the Mint director’s wishes. The portraits are virtually the same, with the notable difference that the eagle is incused – or sunken below the surface – on the two Pratt coins.

***

The ultimate rarity owes its very survival to an ultimate irony. Amid the confusion and uncertainty following its production, the double eagle pattern wound up not in Saint-Gaudens’ hands or the U.S. Mint’s coin cabinet, but rather in the effects of Charles Barber, the Mint chief engraver who fought tooth and nail to thwart Saint-Gaudens’ coinage redesign. Following Barber’s death in 1917, his estate sold the coin to Waldo C. Newcomer, a prominent Baltimore collector. There is no record of how Barber came to own the coin, but the situation has given Saint-Gaudens’ admirers fodder for delicious speculation.

Bob Harwell, one of the partners who owned the coin in the early 1980s, says the seeming contradiction “has always been interesting to me.”

“Barber was not very happy when Saint-Gaudens got the go-ahead to redesign our coinage,” Harwell comments, “but he certainly thought enough of this coin to have it in his estate when he died. I’ve always wondered how he got it – whether he put $20 in the till and kept the coin.”

Although the current owner of the coin has never been publicly identified, its pedigree includes some of the most famous names in numismatics. In 1933, Newcomer offered to sell it for $10,000 to John Work Garrett, whose family formed the fabulous Garrett Collection – but Garrett declined the offer and the coin was then sold to Frederick C.C. Boyd, a well-known New York City collector now enshrined in the ANA Hall of Fame. In the mid-1940s, Boyd’s wife sold the coin to Abe Kosoff and Abner Kreisberg, leading New York dealers at that time, for $1,500. They, in turn, sold it to Egypt’s King Farouk for slightly less than $10,000. Kosoff reacquired the coin in 1954, when the Egyptian government sold Farouk’s world-class collection of rare coins. The price was 1,200 Egyptian pounds, or roughly $3,400 in U.S. funds.

Kosoff placed the coin this time with an American numismatist, Roy E. “Ted” Naftzger Jr., who subsequently sold it to Dr. J.E. Wilkison, a Tennessee collector who specialized in patterns, for $10,000. In 1973, this and other rare patterns were acquired from Wilkison by Paramount International of Englewood, Ohio. Paramount traded the coin to A-Mark Financial – which then sold it to professional numismatist Julian Leidman in 1979 for $500,000. It was Leidman who consigned it to the 1981 auction where the Hancock and Harwell partnership acquired it.

***

Jimmy Hayes, a former five-term congressman from Louisiana, is a true connoisseur of rare coins, having assembled a gem mint-state type set of first-year coins from every U.S. series, including gold. Hayes never owned the Indian Head double eagle, but he had a chance to buy it while it was in Wilkison’s possession. He was still in law school and didn’t have the resources then – but he was keenly aware of the coin’s lofty place in the pantheon of U.S. numismatics.

Sturgis also put Roosevelt in contact with Bela Lyon Pratt, on of Saint-Gaudens' students. Pratt designed the smaller gold coins that debutted in 1908.

“If I were to draw up a list of the most desirable U.S. coins, this would be first,” he declares. “It’s the perfect definition of the qualities that come into play.

“First of all, it’s unique – a unique gold coin. Both sides ended up on regular circulating coinage. A U.S. president was directly involved in its creation – and not just any president, but one of the most popular. It was designed by the most gifted sculptor of his era – and arguably any era – in the United States.

“All these things combine to make it just an extraordinary rarity. And without any doubt, if you put everything that everyone wants to buy into the same auction, this piece would not only beat them, but I don’t think second place would be anywhere close.”

How much might the coin bring if it came up for sale today? Rather than hazard a guess, Hayes points out that the $15-million offer has already been turned down.

“That’s a pretty good indication right there,” he remarks. “Someone has offered nearly twice the highest price you can compare anything to – not a theoretical price, but a firm offer. And the offer was rejected.”

To his way of thinking, the 1933 double eagle – the current record-holder – “isn’t even in the same league” with the Indian Head double eagle.

“First of all,” he says, “the ’33 double eagle was a coin intended for circulation, even though it didn’t circulate. Second, the coin was never unique; the Mint made nearly half a million before melting almost all of them. It’s unique now in the sense that only one is available, but that’s because of some legal barriers. The fact of the matter is, we know there’s over a dozen of them out there. And it does not have any history, other than the fact that its date coincided with an executive order to stop the minting. Otherwise, it would be an expensive coin but no one would think that much of it. It would be the same as a 1933 $10.”

Does the fact that it’s a pattern, not a regular-issue coin, diminish the appeal of Judd-1776 (or, if you prefer, J-1905)?

“I think it increases the coin’s desirability,” Hayes says, “because it’s one of the few patterns to carry a design that ended up on a different denomination than the one in which it was struck. There are very few patterns that fall into that category – in addition to which, it’s a piece that’s associated with a president, not simply a Mint engraver’s concept of something that might be done.”

***

John Dannreuther, co-founder of the Professional Coin Grading Service (PCGS), was one of those who teamed up with Hancock and Harwell to purchase the pattern in 1981. He thinks the coin would generate extensive media coverage even if it brought just $10 million – and tremendous publicity if it sold for significantly more.

“A $20-million coin would certainly cause a lot of excitement,” he says. “Look, it made the local paper here in Tennessee when the 1870-CC no-arrows dime brought $1.84 million recently at the ANA auction in Philadelphia. That made the paper here because it was picked up by the national news. We see this every time a coin sells for a couple of million dollars.”

Even at $20 million, though, Dannreuther is convinced that the coin would be underpriced.

“Recently,” he says, “I Googled the top 100 artworks of all time, and there are many that have brought over 100 million dollars. There are pictures and sketches that have brought tens of millions of dollars. So by comparison, historic rare coins are cheap.

“This coin is a national treasure. It should obviously be worth as much as a painting by Jasper Johns or Robert Rauschenberg.” (People in Beaumont, Texas, where the author’s coin business is located, feel a special affinity for Rauschenberg, since he’s a native of nearby Port Arthur.)

“Look,” Dannreuther asks, “how can an Andy Warhol painting be worth 80 million and this coin only be worth 15 or 20 million? This is certainly a more iconic image of America than Andy Warhol’s Marilyn Monroe. But the people who collect art are used to paying 10 million or 20 million or 30 million dollars for an artist that most of us have never even heard of.

“People figure, hey, it’s a coin, so it can’t be worth as much as a piece of art. And yet, a coin such as this is a piece of art. I’ve been to the Saint-Gaudens Museum in Cornish, New Hampshire, and that’s one of the most beautiful places on this earth. To walk through there and see all those plaster models and the miniature Shaw Memorial and all the stuff that’s there in his former home is amazing, and you realize what a great artist he was.

Bob Harwell considers the Indian Head double eagle to be “without question the single most important U.S. gold coin.” The only other one that comes close, he says, is the 1849 Liberty Head double eagle, the nation’s very first $20 gold piece, which also is unique. Opinions are divided as to whether the 1849 coin is a regular issue or a pattern – but Harwell doesn’t think it really matters.

“What matters,” he says, “is that one of these coins – the Indian Head pattern – can be owned by an individual collector and the other, the 1849, cannot because it’s in the Smithsonian Institution. You can put a price on the Indian Head $20 because it’s in private hands and the owner could sell it if he chose.

Roosevelt's "pet crime" generated some of the most beautiful coins in U.S. history and left us with a few examples of the coin that could be the new "face of nimismatics".

“There are guys who say the 1849 is worth the same as the Indian Head pattern, but you can’t put a price on a coin that’s in a museum. It’s never going to be sold, so what’s the point?”

Its association with Saint-Gaudens gives the Indian Head pattern another big edge, Harwell adds.

“For our generation,” he says, “the Saint-Gaudens coins are clearly the most important. And this is the only coin to carry Saint-Gaudens’ original design for the double eagle – the one that he wanted to be used.”

There was good reason, he says, why David W. Akers showed an embossed image of the coin on the cover of his landmark book on U.S. gold patterns.

Harwell’s best guess is that the Indian Head $20 would bring $25 million if it came on the market. But he, like Dannreuther, views it first and foremost as a great work of art.

“What’s it worth? Well, ‘The Scream’ by Edvard Munch just sold for mega-money [$119.9 million], and I consider this a far more appealing piece of art. To me, it’s the ‘Mona Lisa’ of the coin business.”

Harwell has owned some exceptional coins through the years. But none has given him greater satisfaction than the Indian Head double eagle.

“I look back on those four years when we owned the coin as a wonderful time,” he says. “It’s the greatest coin I know of, and owning it was a once-in-a-lifetime thrill.

“It was like owning a very special piece of numismatic history.”

The famous actor and coin collector James Earl Jones once said, “Money is history in your hands.” And who are we to argue with Darth Vader.

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(15) Some experts recommend that in typical times, a
diversified investor's portfolio contain a rare coin and precious metals
component of 5% minimum to 25% maximum. Customers should not look at our written
materials or our recommendations as giving personalized legal or investment
advice.

(16) You understand pricing of coins may vary based upon
quantity and quality of coins purchased, type of coins purchased and other
factors. You understand payment terms may vary based upon dollar amount of
transaction, type of coin purchased, advertised offers and other factors. You
understand all advertised offers are subject to inventory limitations of
advertised product. You understand delivery time may vary based upon payment
methods used.

(17) Coin values are constantly changing and estimated verbal
indications of value may vary due to multiple factors. The company cannot be
responsible for any indications used for valuation and purchasing of customer
coins unless its offer is in writing and confirmed according to the company's
policies and procedures.

(18) You understand and acknowledge all transactions between
you and First Fidelity Reserve are processed in Jefferson County, Texas.

(19) Reproduction or quotation of this newsletter is
prohibited without written permission of First Fidelity Reserve. Coin
Market Advisory is published by First Fidelity Reserve®, 130 Shakespeare,
Beaumont, Texas 77706.

(20) If any of the terms and conditions in this disclosure
are unacceptable to you, please utilize our return Privilege.

(Rev. 1.5.15)

COIN TRANSACTION AND WEBSITE USER AGREEMENT

1. By electing to utilize the services provided by First Fidelity Reserve
(“First Fidelity”) including making purchases from First
Fidelity or making sales to or trades with First Fidelity, you are
agreeing to the following terms. These terms apply to all orders, all
purchases, sales and trades made by telephone, through the website
or otherwise.

2. Before you may place an order to purchase, sell or trade coins with
First Fidelity through an online transaction, you must read and accept
all of the terms included in this Agreement. If you have placed an
order to purchase, sell or trade coins with First Fidelity via telephone
and the terms of this Agreement are unacceptable to you, please utilize
the return privilege referenced in Paragraph 4. Otherwise, you acknowledge
acceptance of all terms of this Agreement.

3. You represent and warrant to First Fidelity that you have sufficient
experience and knowledge to make informed decisions to purchase from
and/or sell and/or trade coins to First Fidelity. You acknowledge you
are making your own decision to purchase coins from First Fidelity
or sell or trade coins to First Fidelity. You further acknowledge First
Fidelity is not making any recommendations with respect to your online
transactions. Additionally, you acknowledge all statements, opinions,
and pricing relayed to you by First Fidelity representatives are believed
to be reliable, truthful and accurate, but they are not guaranteed
in any way and are subject to change without notice. You acknowledge
that First Fidelity advises, and you have had the opportunity to perform
your own due diligence in deciding the amount and type of your coin
transaction and numismatic position. You understand and acknowledge
that past performance is not a guarantee of future returns. You acknowledge
that First Fidelity advises, and you have had the opportunity to independently
verify all representations made via the First Fidelity website, via
email, via First Fidelity publications or from First Fidelity representatives.
You acknowledge First Fidelity is not liable for any claims or losses
which might be incurred while relying on information published by First
Fidelity.

4. You acknowledge that you are subject to a variety of risks which
are beyond the control of First Fidelity, and you expressly acknowledge
First Fidelity is not liable or responsible for those risks, which
include, but are not limited to price volatility. You understand and
acknowledge as with all investments, the value of coins could go up
or down. You understand and acknowledge the coin market is speculative
and unregulated and you could lose money if you sell your coins in
the short term. You understand and acknowledge First Fidelity considers
coin collecting and investment to be a mid to long term investment.
You understand and acknowledge coin values are affected in part by
economic and market conditions and you are willing to assume the risk
associated with your coin transactions. You understand and acknowledge
First Fidelity does not offer any express, assumed or implied promises
regarding future performance, profit or growth of your coin purchase
collection or investment. You understand and acknowledge First Fidelity
recommends a hold time for coin purchases of five to ten years or more.
You acknowledge First Fidelity does not guarantee a profit or growth
in any time frame. You acknowledge and understand third party grading
and authentication of numismatics does not eliminate all risks associated
with the grading of coins.

You understand if you are not 100% satisfied with your purchase, you
may return it in its original packaging within thirty (30) days of
receipt for a full refund except on special orders or bullion orders.
You understand returns of numismatic items outside of the thirty (30)
day return privilege may be subject to a restocking fee of up to 20%
or repurchase at First Fidelity’s buy price at the time of return.
You understand and accept First Fidelity’s policy that payments
for refunds on coins received and confirmed for liquidation will be
processed in 10-15 business days unless otherwise specified by management
in writing.

5. You acknowledge and understand some experts in typical times recommend
a diversified investor’s portfolio contain a rare coin and precious
metals component of 5% minimum to a maximum of 25%. You shall independently
determine what percentage is appropriate for you and your personal
circumstances.

6. Although First Fidelity takes great care to provide accurate product
and pricing information, pricing or typographical errors may occur.
In the event an item is listed with incorrect information or an incorrect
price due to an error in information or pricing, First Fidelity reserves
the right at their sole discretion to refuse or cancel any order placed
for that item. If an item is incorrectly priced, First Fidelity will
contact you for instructions or cancel your order and notify you of
such cancellation. Prices and availability of products are subject
to change without notice.

8. You acknowledge that you are personally and financially suited for
coin collecting and investing. You understand and acknowledge First
Fidelity does not recommend financing any coin purchase or spending
more than you can afford to lose if your investment declines in value.
You expressly acknowledge any decision by you to finance coin purchases
or spend more than you can afford to lose is solely your decision despite
First Fidelity recommendations to the contrary. You acknowledge and
agree that no warranties or guarantees have been made to you regarding
the coins purchased from First Fidelity.

9. You acknowledge and understand First Fidelity does not recommend
you pay a penalty for early withdrawal from any investment to purchase
coins. You expressly acknowledge any decision by you to withdraw money
from an investment and pay an early withdrawal penalty is solely your
decision despite First Fidelity recommendations to the contrary.
10. You acknowledge and understand First Fidelity has the right to
refuse an order when the confirmed price is incorrect, due to computer
related problems, pricing error, incorrect item descriptions or sudden
movements in the precious metal market. Furthermore, First Fidelity
reserves the right to refuse or cancel any order deemed questionable,
suspicious, or of significant risk to First Fidelity regardless of
payment method and price confirmation.

11. You accept and acknowledge First Fidelity’s Terms and Conditions for
customers and website visitors.

12. THE FORMATION OF THIS AGREEMENT CONSTITUTES THE MAKING OF THIS
CONTRACT IN JEFFERSON COUNTY, TEXAS. REGARDLESS OF THE MANNER, TIMING
OR LOCATION OF DELIVERY OR RECEIPT OF ACCEPTANCE OF THIS AGREEMENT,
THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF TEXAS.
SUBJECT TO THE ARBITRATION AGREEMENT IN PARAGRAPH 13, ANY LEGAL ACTION
OR PROCEEDING BETWEEN YOU AND FIRST FIDELITY OR WITH RESPECT TO THIS
AGREEMENT OR ANY TRANSACTION HEREUNDER SHALL BE BROUGHT EXCLUSIVELY
IN THE COURTS OF THE STATE OF TEXAS LOCATED IN JEFFERSON COUNTY OR
OF THE UNITED STATES OF AMERICA FOR THE EASTERN DISTRICT OF TEXAS.
BY ACCEPTANCE OF THIS AGREEMENT, YOU AND FIRST FIDELITY HEREBY ACCEPT,
GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THESE COURTS. YOU
AND FIRST FIDELITY WAIVE ANY OBJECTION, INCLUDING ANY OBJECTION TO
THE VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT YOU
OR FIRST FIDELITY MAY NOW OR HEREAFTER HAVE TO ANY SUCH ACTION OR PROCEEDING
IN SUCH JURISDICTIONS.

13. YOU AND FIRST FIDELITY AGREE TO ARBITRATE IN A FINAL BINDING MANNER PURSUANT TO THE FEDERAL ARBITRATION ACT AND ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION IN ACCORDANCE WITH ITS COMMERCIAL ARBITRATION RULES IN JEFFERSON COUNTY, TEXAS ALL CONTROVERSIES BETWEEN YOU AND FIRST FIDELITY, ITS OWNERS, REPRESENTATIVES OR AGENTS THAT CANNOT BE AMICABLY RESOLVED BY DIRECT NEGOTIATION OR THROUGH PRE-ARBITRATION MEDIATION, ARISING OUT OF OR RELATING IN ANY WAY TO ANY TRANSACTION WITH FIRST FIDELITY, YOUR ACCOUNT, OR ANY SERVICE PROVIDED BY FIRST FIDELITY TO YOU. JUDGMENT ON THE AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF. YOU AND FIRST FIDELITY UNDERSTAND THAT BOTH PARTIES WAIVE ANY RIGHT TO A JURY TRIAL.

14. IF ANY PARTY UNSUCCESSFULLY RESISTS ARBITRATION UNDER PARAGRAPH
13 OR THE CONFIRMATION OR ENFORCEMENT OF AN ARBITRATION AWARD RENDERED
PURSUANT TO THIS AGREEMENT, THEN ALL COSTS, ATTORNEYS’ FEES AND
EXPENSES INCURRED BY THE OTHER PARTY OR PARTIES IN COMPELLING ARBITRATION
OR CONFIRMING OR ENTERING THE AWARD SHALL BE FULLY ASSESSED AGAINST
AND PAID BY THE RESISTING PARTY.

15. YOU ACKNOWLEDGE AND AGREE THAT REGARDLESS OF ANY STATUTE OR LAW
TO THE CONTRARY, ANY CLAIM OR CAUSE OF ACTION YOU MAY HAVE ARISING
OUT OF, RELATING TO, OR CONNECTED TO COIN PURCHASES, COIN SALES OR
ANY OTHER TRANSACTIONS BETWEEN YOU AND FIRST FIDELITY MUST BE FILED
WITHIN ONE CALENDAR YEAR AFTER SUCH TRANSACTION OR FOREVER BE BARRED.
NOTWITHSTANDING THE IMMEDIATELY PRECEDING SENTENCE, IF THE LAW OF THE
APPLICABLE JURISDICTION HAS A “DISCOVERY RULE” WHEREBY
ACCRUAL OF SUCH CLAIM IS DEFERRED WHICH IS APPLICABLE TO ONE OR MORE
CLAIMS, THEN THE ONE YEAR LIMITATION PERIOD SPECIFIED HEREIN SHALL
BEGIN RUNNING FROM THE DATE OF ACCRUAL FOR SUCH CLAIM OR CLAIMS AS
DETERMINED BY THE LAW OF THE APPLICABLE JURISDICTION, IT SHALL REMAIN
FULLY ENFORCEABLE AS TO ALL OTHER CLAIMS.

16. YOU ACKNOWLEDGE, UNDERSTAND AND ACCEPT THAT FIRST FIDELITY’S
LIABILITY IN ALL CLAIMS WHETHER THEY SOUND IN TORT, CONTRACT, WARRANTY
OR OTHERWISE, SHALL NOT EXCEED THE AMOUNT ACTUALLY PAID BY YOU FOR
THE COINS IN DISPUTE LESS THE COINS’ FAIR MARKET VALUE AS OF
THE DATE ANY ARBITRATION PROCEEDING IS COMMENCED. UNDER NO CIRCUMSTANCES
SHALL First Fidelity BE LIABLE TO YOU FOR INDIRECT, INCIDENTIAL, ADDITIONAL,
PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES.

17. YOU AND FIRST FIDELITY AGREE THAT ALL CLAIMS SHALL BE BROUGHT IN
THE PARTY’S INDIVIDUAL CAPACITY AND NOT AS A CLASS MEMBER IN
ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING.

18. You acknowledge and confirm you are of legal age and capacity to
enter into this Agreement. If you are acting in a capacity other than
as an individual, you represent that you are fully authorized to act
on the owner’s behalf.

20. You understand, acknowledge and accept that there is a price differential
or “spread” between First Fidelity’s selling price
(the “ask price”) and First Fidelity’s buyback price
(the “bid price”) for coins First Fidelity needs. First
Fidelity’s “bid price” is the price it pays to customers
for a coin. First Fidelity’s “ask price” is the price
it charges customers for a coin. The spread is calculated by subtracting
the bid price from the ask price and then dividing the difference by
the ask price. ([Ask – Bid] ÷ Ask). You understand, acknowledge
and accept First Fidelity’s current spread on common bullion
coins typically ranges from 1% to 5%. First Fidelity’s current
spread on the most common date antique coins typically ranges from
10% to 15%. First Fidelity’s current spread on the rarest coins
typically ranges from 33% to 38%.

21. You understand and agree that First Fidelity may, in First Fidelity’s
discretion, but is not obligated to do so, monitor or record your telephone
conversations with First Fidelity for quality control and First Fidelity’s
protection.

22. You understand First Fidelity employees may from time to time discuss
the general direction of various financial markets, but neither First
Fidelity nor its representatives can guarantee or predict any market
movement.

23. You understand First Fidelity does not offer advice on the tax
treatment of purchasing, selling or trading bullion or rare coins.
You understand you must consult with your tax advisor regarding such
matters.

24. When you provide a check as payment, you authorize us to either
use information from your check to make a one-time electronic fund
transfer from your account or to process the payment as a check transaction.
When we use information from your check to make an electronic fund
transfer, funds may be withdrawn from your account as soon as the same
day you make your payment, and you will not receive your check back
from your financial institution.
25. You authorize representatives from First Fidelity to contact you
via phone, text or email to discuss items of interest.

26. Market Loss Policy. When you make a bullion purchase through our
online store, you have entered into a binding contract for the purchase
at the agreed upon price. If you choose to cancel the transaction or
default on payment or if you default on any other act required of you,
you agree that you have full responsibility to First Fidelity for any
Market Loss plus a $30 cancellation fee. You will also be fully responsible
and liable to First Fidelity for any and all fees or costs associated
with collecting from you. Any market gain shall belong to the company.
All pending or future orders shall be held for shipment until all cancellation
fees and Market Loss amounts are fully paid.

27. Payments for transactions are due no later than three (5) business
days from the date the order is placed online. (Ex. 1, order Placed
on Monday, payment is due no later than the following Monday; Ex. 2,
order placed on Friday, payment is due no later than the following
Friday.)

28. When you choose to pay for an online purchase by using a personal
check, we require a credit card on file to enforce our Market Loss
Policy, cancellation fee and to verify your identity.

29. Bullion and Special Order Cancellation Policy. The 30 day refund
policy does not apply to bullion or special orders. On bullion or special
orders, all prices are locked in at the time of purchase on the online
store and upon receipt of good funds for phone orders. If you choose
to cancel a purchase of bullion or special order products, you must
do so by contacting us via phone at (800) 336-1630 during regular business hours. Cancellation
of an order cannot be accomplished without speaking to a manager. You
may not cancel an order by leaving a message with the answering service
or voicemail. All cancelled bullion or special order transactions are
subject to our Market Loss Policy plus a $30 cancellation fee. When
you speak to the manager regarding the cancellation, any market loss
will be calculated and added to the $30 cancellation fee. The cancellation
fee and any market loss will be charged to your credit card. Any market
gain on cancelled orders shall belong to the company.

30. When you choose to pay for an online purchase by using wire transfer,
we require a credit card on file to enforce our Market Loss Policy,
cancellation fee and to verify your identity.

31. Force Majeure. If First Fidelity is unable to perform any obligation
hereunder as a result of any event beyond its control, First Fidelity’s
delay or failure to perform such obligation shall be excused and First
Fidelity shall not be liable for any damages as a result of such delay
or failure to perform.

32. You shall hold the existence and terms of all your transactions
with First Fidelity, including, without limitation, the existence of
any disagreement or dispute and the existence and terms of any resolution
thereof in the strictest confidence and you shall not disclose or publish
on the internet or elsewhere, any such information to any person or
entity without written consent of First Fidelity, or an order by a
court of competent jurisdiction. If you become aware you may be required
to make a disclosure, you shall promptly notify First Fidelity in writing
and shall cooperate in good faith with First Fidelity in obtaining
a protective order or other appropriate relief, if any, with respect
to such disclosure.

33. Severability. This Coin Transaction and Website User Agreement
is intended to be enforceable to the fullest extent permitted by applicable
law. If any term of this Agreement is held to be unenforceable for
any reason, such unenforceability shall not affect the other terms
of this Agreement.

34. Amendment. First Fidelity may amend this Agreement at any time
by posting the amended terms on the website. Except as otherwise provided
in this Agreement, the amended terms will become automatically effective
thirty (30) days after their initial posting on the website. You acknowledge
and agree that it is your responsibility to review the Website and
this Coin Transaction and Website User Agreement periodically, and
to be aware of any modifications. Your continued use of this Website
and/or your continued use of any services provided by First Fidelity
after such modifications will constitute your acknowledgement of the
Modified Coin Transaction and Website User Agreement and your agreement
to abide and be bound by the Modified Coin Transaction and Website
User Agreement. This Agreement may not be otherwise amended except
by written agreement between First Fidelity and you.

Privacy Statement

PLEASE READ THIS PRIVACY POLICY CAREFULLY. BY ACCESSING THIS WEBSITE YOU ACCEPT THE PRACTICES DESCRIBED BELOW.

Thank you for accessing our website ("Site") operated by First Fidelity Reserve, Ltd. ("FFR"). We respect your privacy and want to protect your personal information. By visiting the Site directly or through another site, you accept the practices described in this Policy.

As we update and expand our Site and services, this Policy will be amended to protect your privacy. Please check the Site periodically for updates and feel free to contact us at any time with questions or suggestions regarding this Policy. If you have questions or concerns regarding this Policy, please contact us by email at info@FirstfidelityReserve.com or writing to the following address: First Fidelity Reserve, 130 Shakespeare, Beaumont, Texas 77706. When corresponding with us please reference your customer number.

Information Gathering.

We collect information from you in multiple ways on this Site. The primary objective in collecting personal information from you is to provide you the best possible customer experience. For example, we can use your personal information to help us create content that is most relevant to you or alert you to new information, products, and services that we offer.

Email Addresses. You may be required to provide your email address for purposes including but not limited to: registering for information or to access certain information, sign up for email news alerts and special offers; or to order a product online.

Registration on our Site. If you choose to purchase a product online, we will ask for your name, telephone number, billing address and credit card number and related information. This personal information is necessary for billing purposes, to fulfill your orders, to communicate with you about your order and the Sites, and for internal marketing purposes. If a problem arises while processing your order, your personal information may be used to contact you. We may also use your personal information to verify the delivery or credit card information or otherwise conduct due diligence to ensure proper processing of your order and to minimize the risk of fraudulent transactions. We may verify your personal information including addresses or telephone numbers using third party providers.

Social Security Numbers. We only collect Social Security Numbers when it is legally required to perform a service such as providing goods related to a self-directed IRA or as required by applicable law.

Log Files. The Site server automatically recognizes the Internet URL from which you access the Site. We may also log your Internet protocol (“IP”) address, Internet service provider, and date/time stamp for system administration, order verification, internal marketing, and system troubleshooting purposes. (An IP address may indicate the location of your computer on the Internet.)

Cookies and Other Technology. The Site, like most websites, employs cookies to assist your navigation of the Site, recognize you and your access privileges, and track your Site usage.

Information Use and Disclosure.

We will use your personal information to communicate with you about your orders, requests for information and deliveries. Also, we may send you a confirmation email when you register or order with us. You may submit your email address for reasons such as sign up for email news alerts and special offers or to request free information about acquiring our products. If you submit your email address, we use it to deliver the information to you. We always permit you to unsubscribe or opt out of future emails (see the opt out section below for more details). Because we have to communicate with you about orders that you choose to place, you cannot opt out of receiving emails related to your orders.

We use your personal information to process your order, provide requested information and provide you with customer service. We may internally use your personal information to improve the Sites’ content and layout, to improve outreach and for our own marketing efforts (including marketing our services and products to you), and to determine general marketplace information about visitors to the Site.

We do not sell, rent, trade, license or otherwise disclose your specific personal information or financial information to anyone other than to affiliates under our control with the exception of:

Additionally we must provide your credit card number to financial-services corporations such as credit card processors.

We may disclose personal information in response to requests from law enforcement officials conducting investigations; subpoenas; a court order; or if we are otherwise required to disclose such information by law. We also will release personal information where disclosure is necessary to protect our legal rights, enforce our Terms of Use or other agreements, or to protect ourselves or others. For example, we may share information to reduce the risk of fraud or if someone uses or attempts to use the Site for illegal reasons or to commit fraud.

Data Security

The security and confidentiality of your information is important to us. We have implemented certain technical, administrative, and physical security measures designed to help protect customer information from unauthorized access and improper use. This is an ongoing process and, from time to time, we review our security procedures in order to consider appropriate new technology and methods. Please be aware that despite a company’s best efforts, no security measures are perfect or impenetrable.

We are committed to providing you a safe, risk free environment. We use some of the most sophisticated security software available on the market and have done everything reasonably possible to ensure that any personal information you share with us will not be misappropriated. Should you ever suspect an unauthorized party has obtained or used your personal information, please contact us immediately. We will investigate the matter thoroughly. Any time that you discover or suspect fraud, you should contact your credit card company immediately.

The Site incorporates physical, electronic, and administrative procedures to safeguard the confidentiality of your personal information, including Secure Sockets Layer (“SSL”) for all financial transactions through the Site. We use SSL encryption to protect your personal information online, and we also take several steps to protect your personal information in our facilities. Personal information may be printed or otherwise stored in a non-electronic form. Employees who need access to your personal information to perform a specific job are permitted access to your personal information. Finally, we may rely on third-party service providers for the physical security of some of our computer hardware. We believe that their security procedures are adequate. For example, when you visit the Site, you access servers that are kept in a secure physical environment, behind a locked cage and an electronic firewall.

Our site is not directed to individuals under the age of eighteen (18) and we request that these individuals do not provide personal information through our site. We do not knowingly collect information from children under thirteen (13) without parental consent.

FFR does not guarantee complete security either online or offline.

Opt Out/Corrections

Upon your request, we will (a) correct or update your personal information; and/or (b) stop sending emails to your email address. You can make these requests at the customer information section of the Site or by calling FFR at (800) 336-1630 or emailing your request to info@firstfidelityreserve.com.

Monitoring/Recording of Telephone Calls

You understand and agree that FFR may, at FFR’s discretion, but is not obligated to do so, monitor or record your telephone conversations with FFR for quality control and for FFR’s protection. Unless otherwise agreed by FFR in writing, FFR does not consent to the recording of telephone conversations by you or any third party. You understand that not all telephone lines or calls are recorded and FFR does not guarantee that any recordings of any particular telephone calls will be retained or be capable of being retrieved.

Updates to this Policy

WE MAY CHANGE, MODIFY, AMEND, SUSPEND, TERMINATE OR REPLACE THIS PRIVACY POLICY FROM TIME TO TIME. IN THE EVENT THIS PRIVACY POLICY IS CHANGED, MODIFIED, AMENDED OR REPLACED, THE EFFECTIVE DATE, LOCATED ABOVE, WILL CHANGE. YOUR CONTINUED USE OF THE WEBSITE AFTER A CHANGE IN THE EFFECTIVE DATE OF THIS PRIVACY POLICY CONSTITUTES YOUR ACKNOWLEDGEMENT AND ASSENT TO THE UPDATED POLICY.

BY USING THIS WEBSITE, YOU REPRESENT AND WARRANT THAT YOU HAVE READ, UNDERSTAND AND AGREE TO THE TERMS OF THIS PRIVACY POLICY.

Questions or Comments.

If you have any comments or questions about our security and privacy statement, please call us at (877) 877-2256 or email our Customer Service Department at info@firstfidelityreserve.com.

Return Policy

You understand if you are not 100% satisfied with your purchase, you may return it in its original packaging within thirty (30) days of receipt for a full refund except on special orders or bullion orders. You understand returns of numismatic items outside of the thirty (30) day return privilege may be subject to a restocking fee of up to 20% or repurchase at First Fidelity Reserve's buy price at the time of return. You understand and accept First Fidelity Reserve's policy that payments for refunds on coins received and confirmed for liquidation will typically be processed in 10-15 business days unless otherwise specified by management in writing.

TERMS AND CONDITIONS

AS USED IN THESE TERMS AND CONDITIONS, THE TERM "YOU" SHALL MEAN ANY VISITOR TO THE SITE AND/OR CUSTOMER OF FIRST FIDELITY RESERVE.

PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY. BY ACCESSING THIS SITE YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS BELOW. THESE TERMS AND CONDITIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE. WE WILL NOTIFY YOU OF AMENDMENTS TO THESE TERMS AND CONDITIONS BY POSTING THEM TO THIS SITE. IF YOU DO NOT AGREE WITH THESE TERMS AND CONDITIONS, PLEASE DO NOT ACCESS THIS SITE.

First Fidelity Reserve ("FFR") operates this Website (the "Site") to provide online access to information about FFR and its products. By accessing and using this Site, you agree to each of the terms and conditions set forth herein ("Terms and Conditions"). Additional terms and conditions applicable to specific areas of this Site or to particular content or transactions are also posted in particular areas of the Site and, together with these Terms and Conditions, govern your use of those areas, content or transactions. These Terms and Conditions, together with applicable additional terms and conditions, are referred to as this "Agreement".

FFR reserves the right to modify this Agreement at any time without giving you prior notice. Your use of the Site following any such modification constitutes your agreement to follow and be bound by the Agreement as modified. The last date these Terms and Conditions were revised is set forth at the bottom of this page.

Use of Site

You may use this Site, and the information, writings and images on the Site solely for your non-commercial, personal purposes and/or to learn about FFR products. No right, title or interest in any content is transferred to you, whether as a result of downloading such content or otherwise. FFR reserves complete title and full intellectual property rights in all content. Except as expressly authorized by this Agreement, you may not use, alter, copy, distribute, transmit, or derive another work from any content obtained from the Site except as expressly permitted by these Terms and Conditions.

Copyright

The Site and the content are protected by U.S. copyright laws, and belong to FFR, its licensors, contributors or third parties. The copyrights in the content are owned by FFR or other copyright owners who have authorized their use on the Site.

Trademarks

You are prohibited from using any of the marks or logos appearing throughout the Site without permission from the trademark owner, except as permitted by applicable law.

Links to Third-Party Sites

Links on the Site to third party websites or information are provided solely as a convenience to you. If you use these links, you will leave the Site. Such links do not constitute or imply an endorsement, sponsorship, or recommendation by FFR of the third party, the third-party Site, or the information contained therein. FFR is not responsible for the availability of any such Site. FFR is not responsible or liable for any such Site or the content thereon.

Linking to this Site

Prior to linking to this site, you must first obtain FFR’s written permission. Requests to link to the Site should be sent to info@FirstfidelityReserve.com. Unless specifically authorized by FFR, you may not connect "deep links" to the Site, i.e., create links to this Site that bypass the home page or other parts of the Site. You may not mirror or frame the home page or any other pages of this Site on any other Site or web page.

Downloading Files

FFR cannot and does not guarantee or warrant that files available for downloading through the Site will be free of infection by software viruses or other harmful computer code, files or programs.

Disclaimer of Warranties

FFR MAKES NO EXPRESS OR IMPLIED WARRANTIES, REPRESENTATIONS OR ENDORSEMENTS WHATSOEVER WITH RESPECT TO THE SITE OR THE CONTENT. FFR EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT, WITH REGARD TO THE SITE, THE CONTENT, AND ANY PRODUCT FURNISHED OR TO BE FURNISHED VIA THE SITE OR BY FFR TO YOU AFTER YOU HAVE VIEWED THE SITE. FFR DOES NOT WARRANT THAT THE FUNCTIONS PERFORMED BY THE SITE WILL BE UNINTERRUPTED, TIMELY, SECURE OR ERROR-FREE, OR THAT DEFECTS IN THE SITE WILL BE CORRECTED. FFR DOES NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE CONTENT, OR THAT ANY ERRORS IN THE CONTENT WILL BE CORRECTED. THE SITE AND THE CONTENT ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS.

Limitation of Liability

IN NO EVENT WILL FFR BE LIABLE FOR ANY DAMAGES WHATSOEVER, INCLUDING, BUT NOT LIMITED TO ANY DIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR OTHER INDIRECT DAMAGES ARISING OUT OF (I) THE USE OF OR INABILITY TO USE THE SITE OR THE CONTENT, (II) ANY TRANSACTION CONDUCTED THROUGH OR FACILITATED BY THE SITE; (III) ANY CLAIM ATTRIBUTABLE TO ERRORS, OMISSIONS, OR OTHER INACCURACIES IN THE SITE AND/OR THE CONTENT, (IV) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA, OR (V) ANY OTHER MATTER RELATING TO THE SITE OR THE CONTENT, EVEN IF FFR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IF YOU ARE DISSATISFIED WITH THE SITE, THE CONTENT, OR WITH THE TERMS OF USE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THE SITE.

Indemnification

You understand and agree that you are personally responsible for your behavior on this Site. You agree to indemnify, defend and hold harmless FFR, its parent companies, subsidiaries, affiliated companies, joint venturers, business partners, licensors, employees, agents, and any third-party information providers to the service from and against all claims, losses, expenses, damages and costs (including, but not limited to, direct, incidental, consequential, exemplary and indirect damages), and reasonable attorneys' fees, resulting from or arising out of your use, misuse, or inability to use the Site, the service, or the content, or any violation by you of this Agreement.

You agree to use the Site only for lawful purposes. You agree not to take any action that might compromise the security of the Site, render the Site inaccessible to others or otherwise cause damage to the Site or the content. You agree not to add to, subtract from, or otherwise modify the content, or to attempt to access any content that is not intended for you. You agree not to use the Site in any manner that might interfere with the rights of third parties. You agree that you will not use any robot, spider, other automatic device, or manual process to monitor or copy our Web pages or the content contained herein without our prior expressed written permission. You agree that you will not use any device, software or routine to interfere or attempt to interfere with the proper working of the Site or any transaction being conducted on our Site. You agree to abide by all applicable local, state, national, and international laws and regulations in your use of the Site. Our Site is available only to individuals who are permitted to use it under applicable law. If you do not qualify, please do not use our Site. You agree to be solely responsible for your actions and the contents of your transmissions through the Site. You agree not to impersonate any person or entity or falsely state or otherwise misrepresent your identity or affiliation with a person or entity.

The Site may contain technical inaccuracies or typographical errors or omissions. We are not responsible for typographical, pricing, product information, advertising or other errors on the Site. Advertised prices and available quantities are subject to change without notice. We reserve the right to make changes, corrections and/or improvements to the products and programs described on the Site at any time without notice.

Lost Transaction Information and Communication Errors

We are not responsible for communication malfunctions, failures, or difficulties, or lost, stolen, or misdirected, transmissions, messages or entries, or the security of any such communications. Further, we are not responsible for incorrect or inaccurate entry information, whether caused by user(s) or by any of the equipment or programming associated with the Site, or by any technical or human error that may occur in the processing of any information related to the Site. We are not responsible for any damages that may arise as a result of any orders you request or make on this Site which are not processed or accepted for any reason.

No Financial Tax or Legal Advice Provided

The Site and content are not intended to and do not constitute financial, legal or tax advice. Please seek the advice of professionals as necessary regarding the evaluation of any content on this Site. You should consult with your appropriate legal, financial or tax advisor regarding issues arising from the acquisition or disposition of precious metals, rare coins, rare currency and any financial investment. The information on this Site is not intended as an offer or solicitation for the purchase of any stock, any other security or any financial instrument or to provide any investment service or investment advice in any jurisdiction. You acknowledge that FFR advises and you have the opportunity to perform your own due diligence in deciding the amount and type of your coin transaction and numismatic position. You acknowledge that FFR advises and you have the opportunity to independently verify all representations made via the FFR website, via email, via FFR publications or from FFR representatives.

Timeliness of Information

All materials that are contained on the Site were, to the best of our knowledge, timely and accurate when first presented. However, the passage of time can render information stale, and you should not rely on the continued accuracy of any such material beyond the date of issuance. We have no responsibility to update any information contained in any such material. All viewers should carefully check the dates of issuance of the material contained in the Site.

ARBITRATION

YOU AND FFR AGREE TO ARBITRATE IN A FINAL BINDNG MANNER PURSUANT TO THE FEDERAL ARBITRATION ACT AND ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION IN ACCORDANCE WITH ITS COMMERCIAL ARBITRATION RULES IN JEFFERSON COUNTY, TEXAS ALL CONTROVERSIES BETWEEN YOU AND FFR, IT’S OWNERS, REPRESENTATIVES OR AGENTS THAT CANNOT BE AMICABLY RESOLVED BY DIRECT NEGOTIATION OR THROUGH PRE-ARBITRATION MEDIATION ARISING OUT OF OR RELATING IN ANY WAY TO THESE TERMS AND CONDITIONS OR ANY TRANSACTION WITH FFR, YOUR ACCOUNT, OR ANY SERVICE PROVIDED BY FFR TO YOU. IT IS UNDERSTOOD THAT YOU AND FFR WAIVE ANY RIGHT TO A JURY TRIAL. YOU AND FFR AGREE that all claims shall be brought in your or FFR’s individual capacity and not as a class member in any purported class or representative proceeding.

Limitation of Actions

You acknowledge and agree that, regardless of any statute or law to the contrary, any claim or cause of action you may have arising out of, relating to, or connected with your use of the Site, coin purchase, coin sales or any other transactions between you and FFR must be filed within one calendar year after such claim or cause of action arises, or forever be barred.

Termination

We will have the right to terminate your access to the Site if we reasonably believe you have breached any of these Terms and Conditions. Following termination, you will not be permitted to use the Site and we may, in our discretion, cancel any outstanding product orders. If your access to the Site is terminated, we reserve the right to exercise whatever means we deem necessary to prevent unauthorized access to the Site, including, but not limited to, technological barriers, IP mapping, and direct contact with your Internet Service Provider. These Terms and Conditions will survive indefinitely unless and until we choose to terminate it, regardless of whether any account you open is terminated by you or us or if you have the right to access or use the Site.

General Provisions

Entire Agreement/No Waiver. These Terms and Conditions constitute the entire agreement of the parties with respect to the subject matter hereof. No waiver by FFR of any breach or default hereunder shall be deemed to be a waiver of any preceding or subsequent breach or default.

Correction of Errors and Inaccuracies. The content may contain typographical errors or other errors or inaccuracies and may not be complete or current. FFR therefore reserves the right to correct any errors, inaccuracies or omissions and to change or update the content at any time without prior notice. FFR does not, however, guarantee that any errors, inaccuracies or omissions will be corrected.

Enforcement/ Choice of Law/ Choice of Forum. If any part of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable, it will not impact any other provision of this Agreement, all of which will remain in full force and effect. Any and all disputes relating to these Terms and Conditions, FFR's Privacy Policy, FFR’s Coin Transaction and Site User Agreement, any coin purchase, coin sales or other transactions between you and FFR, your use of the Site, any other FFR Site, the Service, or the content are governed by, and will be interpreted in accordance with, the laws of the State of Texas, without regard to any conflict of laws provisions.

Claims of Copyright Infringement. Pursuant to Title 17, United States Code, Section 512(c)(2), notifications of claimed copyright infringement should be sent to Service Provider's Designated Agent.